New home construction was completed at a pace that hasn’t been seen in nearly nine years thanks to a surge in apartment activity. But multifamily dragged down permits.

In municipalities that issue permits for new home construction, 90,200 housing units were authorized in November, slowing from the prior month’s upwardly revised 100,700.

In addition, last month’s total volume was down on a year-over-year basis when compared to the upwardly revised 91,000 housing permits that were issued a year prior.

Source: Mortgage Daily